Belarusian Authorities Expect FX Inflows from Exports

24.05.2011 16:32
Архив Редакция

The Belarusian Council of Ministers expects to increase revenues from exports after more than 50% ruble devaluation. This was stated by Deputy Foreign Minister Alexander Guryanov on May 24. "We believe that the measures, adopted by the National Bank, will lead to the increased influx of the Belarusian enterprises' export earnings," he said.

Such a statement was made by the Deputy Minister after a meeting of the Presidium of the Government, discussing the government agencies and organizations’ implementation of the predicted targets for foreign trade surplus for the first four months of 2011.

Alexander Guryanov added that the demand for foreign currency in the country would fall, while «it’ll be profitable for Belarus to import in large volumes.» These factors will help to improve external economic balance, the deputy minister said, BelTA informs.

«Thus, we see that the situation is gradually changing, and the measures, taken in terms of monetary policy, will improve the capabilities of exporters,» he said.

Export Growth in July to be Higher than Import Growth, Guryanov

The export growth will exceed the import growth rate from July, said Deputy Minister of Foreign Affairs. «I think we will be able to enter the export growth rate predominant over the pace of imports in the second half of the year,» said Alexander Guryanov.

He says, based on the data of the National Statistics Committee, that there have been some positive developments in the situation of foreign trade in Belarus.» And, although the trade balance remains negative, «Belarus has shawn good export growth,» said Alexander Guryanov. This, he believes, will contribute to reducing the deficit .

In January-April, import growth was 160% of the same period in 2010, and the pace of export growth — 154.1%. Foreign trade deficit in goods and services totaled $2.84 billion in the first four months of 2011.

«Last month we had more than 10% gap in growth rates of exports and imports. Now it has already dropped to 6%,» informed Alexander Guryanov.

«We see the need to increase exports. And in this regard, the question is that Belarus should increase the volume of production to meet the needs of both the domestic and foreign markets,» said Deputy Foreign Minister.

«Today we see that our major trading partners, have shown an increased demand for our products. So we need to clearly hold the balance to meet domestic demand and demand for export. In this regard, one of the tasks, set by the government, is to increase the production of highly demanded products,» he added.

According to him, there’s now overseas demand for Belarusian oil products, potash fertilizers, tires, trucks and tractors; the demand for some goods has threefold increased.

Alexander Guryanov also reminded that the national program of export development in Belarus provides for a zero balance of trade by 2014.

Foreign Ministry spokesman said the situation in early 2011 was unpredictable; the problem of apparent energy price rise appeared in Belarus. However, he said, «April data show falling of the speculative demand for imports.»

We don’t Rule out Administrative Measures to Reduce Growth of Imports, Guryanov

In addition, the Council of Ministers is going to make further reduction of this indicator, said Alexander Guryanov.

«With regard to the budget, administrative measures are not excluded here, because we set the goal of their rational use, and Belarus has already reviewed some of the programs and projects. As for the work of private business, the foreign exchange market will make its own adjustments itself,» he said.

Как вам новость?